IOS Capital Named to Standard and Poors Select Servicer List
Press release from the issuing company
IKON's Leasing Subsidiary Is The First Equipment Lease Provider To Be Named To The List
VALLEY FORGE, Pa.- July 30, 2002--IKON Office Solutions announced today that Standard & Poor's has added IOS Capital, LLC, IKON's largest captive leasing organization based in Macon Georgia, to its Select Servicer List as an Equipment Lease Servicer. IOS Capital is the first equipment lease provider to be included on the Select Servicer List.
Standard & Poor's admits servicers to the Select Servicer List based on a comprehensive assessment of operational capabilities for servicing commercial mortgage, residential mortgage, or asset-backed portfolios. As part of this assessment, Standard & Poor's Servicer Evaluation group reviews each firm's strengths, weaknesses, opportunities, and limitations within the industry, pertaining to its specific product type. Standard & Poor's performs an analysis of a firm's management and organization, entire servicing process, and financial position.
"We're pleased to have met Standard and Poor's criteria in order to be added to its Select Servicer List. IKON and IOS Capital work hard to provide the best financing solutions possible to our customers and this recognition shows that our solid banking and financing practices and our operations capabilities warrant recognition," stated Russ Slack, President of IOS Capital, LLC.
The addition of IOS Capital reflects the company's well-established servicing track record for office equipment leases on behalf of IKON, its parent, and for asset backed securities (ABS) transactions. As of June 30, 2002, IOS Capital serviced a $3.2 billion portfolio consisting of nearly 257,000 leases to almost 118,000 lessees. The company's servicing portfolio is diversified among numerous industry sectors and covers lessees based in all geographic regions of the U.S.
According to Standard & Poor's, "IOS Capital's management team and professional staff demonstrate a high degree of industry knowledge and proficiency to service leases in the office equipment sector. In addition, the company uses a properly integrated technology platform that has the necessary functionality for addressing a full range of detailed internal management and third party reporting needs in an efficient manner. IOS Capital's servicing environment denotes a soundly designed organizational structure and operating procedures, with acceptable internal control mechanisms. The company is particularly proactive and effective in its portfolio management, watchlist, Recovery and default management practices to keep accounts current. Additional strengths include the ability to offer a wide variety of innovative invoicing and payment options for its customers, including cost per image transactions."
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